WTW and insurance software provider CodeEast have announced a partnership to enable MGAs and carriers to rapidly implement a digital platform for workers’ compensation insurance. CodeEast’s ONEview platform now features functionality that is tailored for US workers’ compensation insurance, including a workers’ compensation ratings component delivered through Radar Live, WTW’s price-delivery and decision engine platform.
The US workers’ compensation market is valued at approximately $43 billion in gross written premium per year. It is also undergoing a rapid evolution due to the emergence of intelligent devices, improved work safety practices and accelerated access to smart data services. In this rapidly changing environment, MGAs and carriers need digital platforms that enable profitable underwriting decisions and lower operating costs, WTW said.
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“The combination of the ONEview digital insurance platform and the Radar Live rating engine is genuinely value adding for MGAs and carriers in the workers’ compensation market,” said Aidan Brogan, chief commercial officer at CodeEast. “It provides enhanced pricing and modeling, efficient control over distribution and end-to-end automation with real-time underwriting governance and oversight.”
“This combination of tools gives MGAs and carriers the enhanced capabilities and efficiency benefits they need to accelerate innovation, connectivity and digitalization in the competitive US insurance market,” said Taffy Jo Mayers, global proposition leader for commercial lines pricing and underwriting, insurance consulting and technology, at WTW.